Ethiopia’s Minister of Water and Energy Habtamu Itefa Geleta will speak at the African Energy Week (AEW): Invest in African Energy 2024 conference – scheduled for November 4–8 in Cape Town. The event is the biggest of its kind in Africa and the participation of Minister Geleta underscores Ethiopia’s commitment to advancing its energy sector through significant investments and strategic international partnerships.

Ethiopia’s current installed power generation capacity is measured at 5.2 GW, with plans in place to increase this figure to 17 GW within the next decade. While renewable energy constitutes a primary energy source for the country, the confirmation of seven trillion cubic feet of natural gas in the Ogaden Basin by the government in 2022 has opened up new investment avenues for energy companies. A largely undeveloped sector, natural gas stands to transform both the country and broader region’s energy matrix. During the AEW: Invest in African Energy conference, Minister Geleta will unpack the country’s potential in this area, engaging with investors and regional counterparts.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

Ethiopia has the potential to generate over 60 GW of electricity from hydroelectric, wind, solar and geothermal sources. Hydropower remains the dominant source in the country, contributing over 90% of the country’s electricity, exemplified by projects like the 6 GW Grand Ethiopian Renaissance Dam and the 2.1 GW Koysha Hydro Power dam by the Omo River. In January 2024, the dam was 94% complete, and once operational, it will become the largest hydroelectric power plant in Africa.

Meanwhile, Ethiopia’s wind sector is growing with projects such as the Ashegoda and Adama wind farms – generating more than 350 MW in total. The state-owned Ethiopia Electric Power (EEP) signed a $600 million deal in December 2023 for a new 300 MW wind farm in the eastern Somali region with UAE-based project developer AMEA Power. In the solar industry, the EEP signed an agreement with the International Finance Corporation to advise on developing up to 500 MW of solar power under the World Bank’s Scaling Solar program – an initiative that supports solar expansion worldwide. The government views private sector collaboration as a catalyst for project development and companies are invited to join the market through public-private partnerships and independent power producer programs.  

Alongside wind and solar, the country’s geothermal potential is estimated at over 10 GW. There is a projected $35 billion investment pipeline planned for Ethiopia and Kenya to develop geothermal in the East African Rift, highlighting the potential in this area. By 2050, these two countries are expected to produce 90% of the planned 13 GW of geothermal energy in Africa.

Meanwhile, the African Development Bank (AfDB) recently allocated $8 million this month to support Ethiopia’s Renewable Energy and Agriculture Modalities mini-grid program, developed in collaboration with the Global Alliance for People and Planet and key Ethiopian government bodies. This initiative aims to integrate mini-grids with agribusiness operations, with up to 50% of the program’s funding sourced from the AfDB-managed Sustainable Energy Fund for Africa, providing concessional loans, grants and risk mitigation. Additionally, the AfDB has approved a $104 million grant for a transmission project aimed at enhancing Ethiopia’s electricity supply. The project involves constructing 157 km of transmission lines and associated substations near the cities of Harar, Jijiga, and Farem.

“Ethiopia is taking a proactive stance in fostering sustainable energy development and collaboration with international stakeholders. The country is leading a just energy transition, prioritizing the development of all available energy resources. Offering a wealth of opportunity for natural gas and renewable energy players alike, Ethiopia stands to play a central role in meeting East Africa’s demand for energy in the long-term,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.

During AEW: Invest in Africa Energy 2024, Minister Geleta will participate in high-level panel discussions and spotlight sessions, showcasing Ethiopia’s investment potential and highlighting the government’s proactive approach towards sustainable energy development.

Distributed by APO Group on behalf of African Energy Chamber.

Xchange Box, a leading Nigerian fintech startup focused on financial inclusion, concluded its participation at the prestigious GITEX Africa (https://GITEXAfrica.com) Morocco, held from 29th to 31st May,2024 in Marrakech. The event served as a springboard for Xchange Box to showcase its innovative Agency Banking platform, PayRep, and connect with a vibrant community of industry leaders shaping Africa’s digital future. XchangeBox was represented at the event by her Co-founder and CCO, Abiola Jimoh. He is a venture builder with over 15 years’ experience in business incubation, partnership and growth development. Prior to co-founding XchangeBox, Abiola worked in the mobile money industry as an in-house counsel alongside his cofounders. He has also worked as an Associate in law firms and as Advisor to bluechip companies. He studied law from Obafemi Awolowo University, Ile-Ife Nigeria.

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He currently serves on the Board of companies in the agritech sector as well as payments. His business focus is on rural traders, and farmers giving them access to pension remittances, health insurance, government bills payments and micro loans for micro businesses in rural areas leveraging on Agency Banking Networks.

Revolutionizing Financial Inclusion through PayRep

Xchange Box’s presence at GITEX Africa 2024 was marked by a high level of interest in PayRep, its Agency Banking platform. The platform allows Point-of-Sale (POS) terminals in rural communities across Nigeria to become hubs for essential financial services, including health insurance enrollment and subscription payments, pension remittances for rural traders and farmers. This innovative approach has the potential to revolutionize financial inclusion for underserved communities, bringing crucial services to over 40,000 farmers and traders across Nigeria.

Positive Feedback and Strategic Connections

The event connected us with key people who expressed keen interest in how PayRep can streamline financial services access in rural areas and unlock new growth opportunities for underserved communities. The event also provided a valuable platform for Xchange Box to engage with established industry leaders and potential partners who share their commitment to financial inclusion in Africa. These connections will undoubtedly lead to exciting collaborations in the future.

Attracting Investment in Nigeria’s Booming Tech Ecosystem

Xchange Box is a prime example of a Nigerian startup attracting investment in the country’s burgeoning tech ecosystem. The company leverages a combination of debt financing, grants, and donor funds to fuel growth. Currently, Xchange Box is raising its first fund to deepen its growth and expansion model, fostering further financial inclusion across the continent.

Positioned for Success: A Roadmap to Growth

Xchange Box’s roadmap to achieve significant growth involves scaling operations, expanding its user base, and diversifying its product offerings. The company acknowledges potential challenges, including regulatory hurdles in targeted expansion regions, market competition, and securing sufficient capital. However, Xchange Box’s commitment to strategic partnerships, continuous innovation, and a customer-centric approach positions them to overcome these challenges and achieve their ambitious goals.

Xchange Box: A Leader in Shaping Nigeria’s Digital Future

Xchange Box recognizes the critical role of technology in shaping Nigeria’s digital future. The company actively participates in industry events like GITEX Africa Morocco to stay ahead of emerging trends.  They prioritize talent development, research and development, and strategic partnerships to ensure their products and services remain relevant and competitive. Additionally, Xchange Box fosters a culture of continuous improvement through customer engagement, ensuring their offerings meet the evolving needs of the communities they serve.

Building a More Inclusive Future for Africa

Xchange Box’s commitment to financial inclusion extends beyond product development. Community engagement and social responsibility are central to their mission and growth strategy. The company actively participates in community development projects, mentorship programs, and initiatives aimed at promoting financial literacy and inclusion. This dedication demonstrates Xchange Box’s commitment to building a more inclusive and prosperous digital future for Africa, not just through innovative technology but also through a deep understanding of the needs and challenges faced by underserved communities.

Xchange Box’s successful participation at GITEX Africa Morocco underscores their dedication to financial inclusion and their position as a leader in shaping Nigeria’s digital future. The company’s innovative solutions and commitment to social responsibility position them to make a significant impact on the lives of millions across Africa.

Distributed by APO Group on behalf of GITEX Africa.

The African Energy Chamber (AEC) (www.EnergyChamber.org) – the voice of the African energy sector – is sponsoring a workshop led by Nigeria’s National Judicial Institute (NJI). The workshop – held under the theme Innovations Under the Petroleum Industry Act 2021 and their Implications in Adjudication and in partnership with Investin234 Promotion Services Limited – aims to equip members of the Nigerian judiciary with comprehensive knowledge of the recent changes in the oil and gas sector brought about by the Petroleum Industry Act (PIA) of 2021. This initiative is essential for creating an enabling environment, ensuring the sanctity of contracts and restoring both investor and citizen confidence in Nigeria’s oil and gas industry.

The AEC’s sponsorship aligns with its strategic focus on promoting research and development in the petroleum and gas sectors. The workshop offers a platform for the Nigerian legal industry to enhance investor confidence, promote Nigerian content in oil and gas disputes, and provide valuable industry feedback to the judiciary. For the AEC, sponsoring this workshop is more than just a gesture of support; it is a strategic move to fortify the judicial framework that underpins the energy sector.

The International Chamber of Commerce in Nigeria estimates that Africa loses billions of dollars annually to business arbitrations conducted abroad. This is due to delays in the court process and a lack of sector-specific knowledge among adjudicators, which hampers the Nigerian economy and undermines local content aspirations. The Petroleum Industry Act 2021 – a framework for the oil and gas industry – introduces major changes in fiscal requirements, regulatory frameworks and governance structures. For these changes to be effective, the judiciary must be well-versed in the new regulatory environment and its implications. The AEC believes a knowledgeable judiciary is crucial for resolving disputes efficiently within Nigeria and the rest of Africa, saving costs, enhancing investor confidence and promoting local content by keeping arbitration and its benefits within the country.

“A well-informed judiciary not only ensures fair adjudication but also fosters an environment conducive to sustainable investment and equitable growth,” states NJ Ayuk Executive Chairman of the AEC. “This collaborative effort between the energy sector and the judiciary not only strengthens the rule of law but also promotes transparency and accountability, essential pillars for fostering a thriving energy ecosystem in Nigeria and beyond.”

Bringing the judiciary up to speed with oil industry regulations is critical, especially in light of major developments such as Golar LNG’s recently launched FLNG project in the country. On June 10, the Nigerian National Petroleum Corporation signed a Project Development Agreement with LNG company Golar LNG for a FLNG facility offshore the Niger Delta. The project aims to monetize 400-500 million standard cubic feet per day (mmscf/d) of gas. Additionally, Nigeria recently commenced operations for three gas projects, including the expanded AHL Gas Processing Plant, the ANOH Gas Processing Plant and the 23.3km ANOH to Obiafu-Obrikom-Oben Custody Transfer Metering Station Gas Pipeline. These projects aim to collectively supply approximately 500 mmscf/d of gas to the domestic market, resulting in a 25% increase in gas supply.

Recently launched, Nigeria’s latest licensing round introduces 12 deep offshore and shallow water oil blocks, incorporating five blocks from the previous year’s round. Open for bidding until January 2025, the licensing round aims to attract both local and international explorers to the country’s acreage, with the overarching goal of expanding its reserve base and optimizing production.

In light of these initiatives, it is clear that judicial comprehension and adherence to regulations play a pivotal role. A robust legal framework ensures the fair allocation of licenses, transparent bidding processes, and the enforcement of contractual obligations. Moreover, regulations provide the necessary guidance for exploration activities, safeguarding environmental sustainability and ensuring compliance with industry standards.

Distributed by APO Group on behalf of African Energy Chamber.